Coinspeaker
Ethereum Price Surges as Whales Continue to Accumulate ETH amid ETF Approval Hopes

The Ethereum market is witnessing significant accumulation, most likely spurred by the belief in the crypto’s price potential this bull run. This bullish movement of the coin has been fueled by speculation surrounding the potential approval of an Ethereum Exchange-Traded Fund. Additionally, the deployment of the Dencun Upgrade, aimed at improving the network’s scalability, security, and efficiency, appears to be influencing ETH’s price.

For the past three weeks, Ethereum (ETH) has been trapped in a sideways trend, with its price bouncing around a relatively narrow range. However, Wednesday marked a turning point as the coin embarked on a bullish movement. This upward momentum continued for the whole week, with Ethereum accumulating gains of over 7% in 5 days and closing above $3,500.

The newfound bullish trend has so far continued today across multiple timeframes, indicating a potential shift in market sentiment. Consequently, some of the large investors, often referred to as “whales” in the cryptocurrency space, have seized the opportunity to accum...